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3 Creative Ways to Build Your Credit Score

Steven Greenwald — Sun, 04 Jul 2010 07:05:21 +0000

Become An Authorized User. With the FICO score formula being recalculated last month, becoming an authorized user on a parent or spouse’s credit card will once again help raise your credit score. In the beginning of this year FICO changed the way that they calculate credit scores. After the change, being an authorized user on a credit card account no longer benefited you. The purpose of the change was to help stop companies that allowed you to pay to become an authorized user on someone else’s account to build your credit history. Many people felt that this was a dishonest way of adding positive trade lines to a credit report. Fico changed back the formula simply because the new equation was unfair to people who legitimately deserved to benefit from being an authorized user on a parent or spouses card. However, they say that the new formula will not help people who pay a stranger to be added. Get a Reloadable Credit Card With A Credit Reporting Service. If your credit is bad enough to the extent that you can no longer be approved for a credit card, it may be beneficial to look into a prepaid card. Most of them offer most of the benefits of a traditional credit card without the risk of getting yourself into some serious debt. Reloadable cards that offer a service to help build your credit, you pay a monthly fee (usually about $10) and they report to the credit bureaus about your on time payments. This puts an illusion of good credit on your reports because it shows that you are paying a credit card off in full and on time each month, but in reality you’re only paying a very small fee for this convenience. Ask Your Current Creditors To Report Your Payment History To All Three Credit Bureaus. Investigate every account that you have in good standing. Find out if the creditor is reporting that account to credit bureaus. If they aren’t, ask them in good faith to start reporting these accounts on your credit report. This will almost certainly boost your credit score if they are accounts that have always been in good standing. If they refuse to it might be a good idea to look into other companies that do report to credit bureaus. It will not benefit your credit score if you have a good account that’s not showing on your credit report. Usually a well placed threat that you are willing to open an account with a competitor will get them to comply.

Is 588 a bad credit score for a college student?

Steven Greenwald — Thu, 01 Jul 2010 22:32:36 +0000

I’m a 20 year old college student with 2 credit card accounts and three student loans, I was told my credit score isn’t bad I just don’t have enough credit by my credit union, but every where I read they say its a bad score. Will renters take it into consideration that that both credit card accounts are paid on time even though they have high balances?

Improving Your Credit Score – Tips for Success

Steven Greenwald — Sun, 13 Jun 2010 19:25:41 +0000

Bill Fair and Eric Isaac. Have you heard of them before? They are the F (Fair) and I (Isaac) of FICO. Founded in 1956 these two gentlemen created a particular system of measuring risk that is the most widely used score for industry professionals. Everyone is entitled to know their FICO credit score and there are scores (pun intended) of websites available to help you get yours. Having a good credit score, which is now considered to be in the ballpark of at least 700 points, is the determining factor that decides how much interest you are going to pay on major purchases such as a mortgage, car loans, equity lines, credit cards, and other sources of credit and loan. This three digit number will also decide how much of a credit limit you have been awarded. So what goes into making this vital score that determines the course of our finances? Let me do a simple and basic breakdown. 10% – Recent research into obtaining new credit (i.e. Have you recently been applying for new credit cards?) 10% – The types of credit that you use (Installment loans, revolving, etc.) 15% – Accounts for the length of credit history you have (The longer, the better) 30% – Expresses the amount of debt you have in ratio to the amount of credit you have available. 35% – Getting your payments in on time. Late fees are not the only thing you will be paying for. As you can see, so much of keeping our credit score in good standings is paying our bills on time. Lenders love to know that if they are going to loan you a certain amount of money, they can count on you to be reliable in paying them back. There are other things that affect your credit. Settling on your credit cards and closing the accounts will negatively impact your credit. Letting your account expire because of inactivity will close your account as well. If you call your creditors and ask to be put on a program to pay off the balance of your credit line, they will likely close your account without you knowing it, unless they state otherwise. Tax liens, court rulings, and the number of recent credit checks can also weigh down your credit score. People have figured out ways to increase their credit score in simple ways such as opening new lines of credit with the purpose of increasing their credit debt to available credit ratio. They will do that by opening several department store cards and making sure they do not spend the credit that was given. If you decide to do this to add a few more points to your score beware of fees that the bureau may penalize you for opening so many accounts at once. Other people have gathered together simple facts and procedures to making your credit score improve significantly. If you are interested in learning more about improving your credit score, please see the recommendations tab on my website at http://www.dianathecreditcounselor.com/index.php?p=1_5_Recommendations for more information. May you have happy credit days ahead! Sincerely, Credit Counselor, Diana E. Jones

Bad Credit Home Loans: Capable Credit Capacitance

Steven Greenwald — Sat, 12 Jun 2010 20:35:04 +0000

The higher the score you receive, the better off you will be when it comes to applying for credit. Your good credit showing means that creditors can be confident you will pay off your obligations promptly and according to the terms you have agreed upon. That means you will be eligible for more attractive finance rates, better terms, and other great features that individuals with lower credit scores would not have access to. However, the situation is altogether contrary for individuals having bad credit scores. If individuals are considering bad credit home loans, whatever your credit status, it is important to become an informed borrower, taking the time to carefully research the options available to them.

Real Estate Training Video – Improving your credit score

Steven Greenwald — Fri, 11 Jun 2010 06:13:53 +0000

In this installment, Return Real Estate’s Geoff Dearing shows you how to monitor and improve your crdit score.

The Score On Credit Scores

Steven Greenwald — Sat, 17 Apr 2010 18:10:15 +0000

It is easy to take out loans. Many funding institutions are out there offering a variety of loans and mortgage plans, and people are enticed in order to obtain that brand new car, or a suburb house with white picket fences. But how much information about credit scores do people know about? A credit score keep tabs on people’s financial credit information when applying for loans. They are often applicable to any types of loans – house, cars, business enterprise, education. One can have different credit scores, and oftentimes they are recorded in any of the three reporting agencies – Equifax, Experian, and TransUnion. For example, if you applied for a mortgage loan, your bank can contact any of these three agencies to verify and obtain data about your credit score. This will guarantee them that you are a perfect candidate for taking out a morgage loan, depending on whether your credit score is high or not. One thing you should know, however, is that not all companies contact the same credit agency, and not all three credit agencies share the same information about your credit score values. For example, you may have a higher credit score recorded in Equifax, but your Transunion record show that you still have enough credit to apply for a loan. This is often where the confusion comes in. Errors in credit and accounting could provide inaccurate information about your debts and interest rates. For example, you might be overpaying or underpaying a particular mortgage several points higher or lower than the actual interest rate. This costs people an enormous amount of both time and money. In fact, as decreed by the Federal law, people have the right to obtain a report of their credit score information for free in one of any of the three agencies. Ideally, you can obtain a free credit score report once every year. However, be careful about obtaining those free reports because some require you to sign-up for membership. For example, the Experian reporting agency contains a note in their website informing borrowers that the release of their credit score reports require them to enter their website with a “7-day trial period” – beyond that, members are obliged to pay up the membership fee. Obtaining enough information about your credit score is key for more astute financial planning. You can monitor how much credit score you have, and make sure you do not exceed the limit of your paying capacity. Getting online credit repair help can assist you in figuring out your loan options. By using this online credit repair help guide, you can be assured that you are making the best decisions for your future goals.

How Credit Scores Are Related to Credit Reports

Steven Greenwald — Sat, 17 Apr 2010 09:13:57 +0000

What does your credit report contain? It is actually a summary of your consumer statement (this may be an explanation about your late payments or a fraud alert; It also contains basic information with regards to a consumer (given name, address, date of birth and employer if there are any). The history of the account (installment applications, credit card details, and a 7 year payment history) is also a part of the said report.

Public records (filing of bankruptcy, tax liens and judgment filings) can also be seen in a credit report as well as inquiries for the past 2 years either made by you or by a potential employer. Last but not the least on the report is the contact information with regards to mailing address and phone numbers of creditors mainly for future reference.

The 3 major credit reporting bureaus (Equifax, Experian and TransUnion) use the said report as a basis in calculating a consumer’s credit score. There is a strong connection between the 2 because the result of another most likely determines the result of the other. It is like saying that a bad credit report is almost equal to a bad score card. So, a consequence would be, an improvement in one will also result to the improvement of both.

On the other hand let us not forget that although a person’s credit report is accessible the 3 major credit reporting companies and to the consumer. It is still the credit company that will give the final credit score. It is also a fact that since every company differs in their own criteria, a persons’ score card can also differ in accordance to the judgment of different credit companies. But a consumer is rest assured that the said scores will not be that far from one another.

When one sees the connection between the two, it is also most likely that one will also see the importance of the two with regards to his future investments (May it be a car or a brand new home in the suburbia). It may not be that simple but being wary about one’s payment habits is a surefire way to improve a seemingly hopeless score card. Delayed payments (especially those that reached the 90 day limit) and whether the reason is valid or not, leaves an ugly stain in a consumers’ credit report.

These reports are given free annually. One should be wise and make use of it if he wants to be free of future mayhems with loan application and sky-high interests. It also helps to check every single data found in the said reports especially those newly encoded and appears to be inaccurate. It may be innocent looking at first but experts say that these are the early signs of identity theft.

Indeed, a credit score and report has a connection not just between them but to a consumers’ future in the credit world as well. When a consumer uses this to his advantage, he is sure to have a bright future ahead of him.

Brightfield Village Condo for rent, Portland, Oregon

Steven Greenwald — Tue, 13 Apr 2010 18:31:52 +0000

Call 503-227-2591 or email Rent@brightfieldvillage.com ZERO APPLICATION FEE No deposit for those with a good credit score. The rent is $595 if you pay prior to first of each month. The actual rent is $695 but if you pay you prior to the first you only pay $595 each month ($100 early payment discount each month). Description *Washer and Dryer in unit. *Private Balcony over looking green space and pool *Full size oven/range, refrigerator, dishwasher, garbage disposal *660 square feet *Additional storage unit included *dedicated carport parking *Forced air electric heat *water, sewer, garbage and recycling included in rent Building amenities *Gated condo community nestled up to Redtail golf course. *Walk to dining, golfing, transit and Washington Square Mall. *Brightfield is a mostly owner occupied condo community. *Awesome landscaping and gardeners to take care of it for you! *BBQ area *Billiard & Movie Room *Carwash area! *Guest parking *Seasonal Swimming pool heated to 88 degrees and spa (NEW POOL) *New equipment in exercise room *Short term guest room available Call today! Only vacancy!!! Call 503-227-2591 or email Rent@brightfieldvillage.com

Can bad credit fix repair secrets help to raise my credit score?

Steven Greenwald — Tue, 13 Apr 2010 10:05:19 +0000

Well, if you are asking yourself this question, “Can bad credit fix repair secrets help you to attain well credit score,” you have to remember one thing. Thanks to the global recession, it is getting to be very difficult for a large number of us to make our ends meet. The rich are getting richer; the comparatively poor are finding them in a fix. That was because the comparatively poor were at the stage, a couple of years ago, when they were prosperous enough to meet all their debts. But unfortunately, the recession has hit a large number of people so badly, that it is quite impossible for them to pay their bills. That is the reason why they are looking for quick bad credit fix repair schemes, which are going to help their credit score on credit score scale.Remember that there are plenty of agencies on the Internet, and on the TV who have really very tempting programs which are going to induce you to enroll with them. They promise that they are going to raise your credit score on credit score scale effectively. Some are legitimate, but others are fly-by-night. So, that is why the most sensible option is to try and raise your credit score yourself. That can be done very easily. But it needs a little bit of self-discipline. You are not going to do the exorbitant spending, which you have been doing in the previous years. The situation has changed now. Your pay packet is definitely not as healthy as it was a couple of years ago. So one of the best bad credit fix repair secrets is to monitor your spending and pay off your bills as soon as possible. Not only is this going to raise your credit score on credit score scale, but it is a bad credit fix repair secret, which is really not so secret. Apart from that, if you really have to do any expensive spending, another bad credit fix repair is to use just one credit card. Make sure that the spending limit is 20% of your credit card limit. That means that you are going to pay off your bills easily.The main point is not to get into debt. Apart from that, any outstanding bills which have not been paid are definitely going to lower your credit score on credit score scale. That is the reason why it is necessary to use bad credit fix repairs to raise your credit score.

Is there a site that has an interest rate calculator based on credit score?

Steven Greenwald — Sat, 10 Apr 2010 03:07:03 +0000

We are looking to buy a new car and I would like to see what kind of interest rates we are looking at with a credit score of 675. I have been scouring the net looking for this info and just cannot find it anywhere. I just want an estimate. Would it be 10%, 15%? I have no idea. Any help would be great.
Thanks.